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Auditing and Assurance

Auditing and Assurance

Introduction

Auditing and assurance are essential components of maintaining trust and confidence in financial reporting. The process involves independent examination and verification of financial information to ensure its accuracy and compliance with relevant standards and regulations. The audit and assurance function plays a critical role in providing assurance to stakeholders, including investors, creditors, and regulators, about the financial health and integrity of an organization. By conducting audits and providing assurance services, companies can strengthen their reputation and demonstrate their commitment to transparency and accountability.

Parkson Holdings Berhad

Parkson Holdings Berhad (“PHB”), formerly known as Amalgamated Cement Mills Sdn Bhd, was founded on August 26, 1982 as a private limited liability company in Malaysia in accordance with the Companies Act 2016. Thereafter, on August 27, 1988, it became known as Amalgamated Containers Sdn Bhd, and on August 17, 1992, it was converted into a public limited liability company known as Amalgamated Containers Berhad. On the Main Market of Bursa Malaysia Securities Berhad since 28 October 1993 under a different name, it changed to its current moniker on 19 September 2007.

PHB is a Singapore Exchange Securities Trading Limited and The Stock Exchange of Hong Kong Limited-listed investment holding company that owns shares of Parkson Retail Asia Limited (“PRA”) and Parkson Retail Group Limited (“PGRL”). Subsidiaries engage in wholesale and retail of cosmetics and related products, distribution and retail of fashionable goods, money lending and credit services, intellectual property holding, and retail. Its parent company is engaged in investment holding, property management, property development, and project management. Its parent company, PRA, which went public on November 3rd, 2011, has 39 Parkson department stores in Malaysia and 1 in Vietnam.

PRGL, which went public for the first time on November 30, 2005, is regarded as one of China’s most successful retail companies (“PRC”). In 30 major cities across Asia, the PRGL Group operates and administers 41 department stores (including concept stores “Parkson Beauty”), 1 Lion Mall, 2 Parkson Newcore City Malls, supermarkets, fashion, and food and beverage outlets. Parkson Credit Sdn Bhd, a subsidiary of the PRGL Group, is in the consumer lending sector, making it possible to buy things like motorcycles and appliances on convenient instalment plans.

Iqzan Holdings Berhad

Iqzan Holding Berhad is an investment holding company that is headquartered in Malaysia. Management consulting is one of the activities that the Company is involved in. Manufacturing, Trading, Investment holding, and Other Operations make up the four divisions that the company operates under. Its Manufacturing division involves the production of wooden crates, pallets, and other wood goods that are relevant to the industry.

Its Trading segment includes the sale and marketing of products related to agricultural waste, as well as the trading of value, fittings and machinery, steel, stainless aluminum, equipment, components, sanitary for the food beverage industry, raw materials, computers, finished goods, wooden crates and pallets, and agricultural waste-related products. The provision of management services and holding of investments are included in the Investment holding area of its business. Its Others section offers services like equipment calibration and testing in addition to testing and calibration of general products. Cal-Test Laboratory Sdn. Bhd., Ire-Tex (Johor) Sdn. Bhd., and Ire-Tex Asset Malaysia Sdn. Bhd. are some of the subsidiaries of the Company.

Comparison of Audit Reports

Parkson Holdings Berhad

Iqzan Holdings Berhad

Unqualified Opinion:

There are no material misstatements that would cause the auditor from issuing a Qualified Opinion on the financial accounts for the fiscal year ending in 2021. Company’s accounts gives true and fair view.

Disclaimer of Opinion:

Auditor has provided the disclaimer of opinion on the accounts of the Company’s Financial Statements for the financial year ended 2021

Reason:

As there are no circumstances that can cause the auditor to express any modified or qualified opinion thus, the report gives an unqualified opinion. 

Reason:

The reason for disclaimer of Opinion is the Directors’ inability to communicate with MLEL management, and in particular, the management of Renox Stainless Steel Co Ltd in Thailand, the Group has not consolidated the financial results of Maxillion Link Enterprises Limited and its immediate subsidiaries, including Renox Resources Sdn. Bhd., Renox Stainless Steel Company Limited, and PT Renox Indonesia (“MLEL Group”) for the financial period ending 31 March 2021. The Directors were forced to submit the Unaudited Financial Report for the period ended 31 March 2021 in their statement to Bursa Malaysia, in which they claimed that no revenue was revealed for January to March 2021 for MLEL Group results due to a lack of available information. The Group’s financial situation as of 31 March 2021 was calculated using the MLEL Group’s asset and liability figures as of 31 December 2020.